The markets are getting crushed today after global worries resurfaced and U.S. economic numbers were just plain ugly. The selling started in Europe early this morning and continued at 10am ET when the Philly Fed Index came in at -30.7. The combination of these two factors sent investors running for the hills, selling everything in sight.

Investors all over the globe are wondering if this is a buying opportunity or should they dump all positions and run for cover. When emotion is removed, one must look at the fall today as a pull back. In the last week, the SPDR S&P 500 ETF (NYSE:SPY) went from $110.27 to $121.20. The SPY is trading at $114.63, -5.04 (-4.21%). This happens to be a .618 Fibonacci pull back. In addition, all smart traders recognize that as long as the low of $110.27 is not taken out, the bottom continues to be in.

Other keys that may support this thesis are the charts of bellwether leaders like International Business Machines Corp. (NYSE:IBM), Amazon.com, Inc. (NASDAQ:AMZN). IBM and Amazon.com hit their 200 daily moving averages for the first time in a year today. The 200 moving average is known as one of the major support trend lines in technical analysis. This level should cause a bounce in both stocks.

Removing emotion is the key to a truly profitable and successful investor. The average investor follows the hype on TV and usually buys the highs and sells the lows. Focus on the technical levels and find the path to profits.